Putnam Bank CEO ringing in anniversary with Nasdaq bell

From its origins inside a Putnam law office in 1862, Putnam Bank has come a long way. And the latest honor for the institution will take its president and board members to Wall Street today where they’ll be guests of honor during the closing ceremony for Nasdaq Stock Market Inc.

From its origins inside a Putnam law office in 1862, Putnam Bank has come a long way.

And the latest honor for the institution will take its president and board members to Wall Street today where they’ll be guests of honor during the closing ceremony for Nasdaq Stock Market Inc.

Shortly before 3:45 p.m. today, Putnam Bank President and Chief Executive Officer Tom Borner will be welcomed to the NASDAQ Marketplace in New York’s Times Square to ring the closing bell, a symbolic ceremony representing the close of the trading day. The ceremony is also used to mark corporate milestones, such as Putnam Bank’s 150th anniversary.

“We’re obviously honored and excited to be invited to take part in this ceremony,” Borner said. “We were asked because of our longevity, and it gives us a chance to speak about the future of our bank.”

Borner said members of the bank’s board of directors, along with friends and family, will participate in the ceremony.

“We’ve been listed on Nasdaq since 2004, and this is our 15 seconds of fame,” he said. “I’ll speak about our migration from a savings bank to what we are today.”

And what the bank is today is a company with six branch offices throughout Eastern Connecticut. The bank also operates a loan center, an in-store bank inside the Price Chopper Supermarket and a “special needs” limited branch in Brooklyn.

The bank has assets of $452 million and employs 120 workers. Approximately 57 percent of the bank’s stock is owned by a holding company, with the remainder traded publicly on Nasdaq.

“It’s a nice recognition,” Borner said. “Usually, this event recognizes bigger banks, so we get to take our model of 100 percent community banking to Wall Street.”